Gal-Ochir is fifty-four years old and lives with her husband and a son in Govisumber province in Southern Mongolia. Her husband is retired and her son goes to the high school. She has worked as a cook, and for the last three years, she has been retailing dairy products and food. She runs a food cart business in summertime. But the income is not sufficient for the family needs and daily living expenses due to the low income and the seasonal nature of the work.
Therefore, she is planning to expand the business to take advantage of the approaching lunar calendar new year festival in Mongolia. Gal-Ochir is a bright woman who says that "I would like to expand my business so that I can earn more for the family and save for my only child's future. I need support to get my supplies".
The total amount she is requesting is 500,000 MNT for the supplies.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.